Attorney General Janet Mills joined the University of Maine System in announcing the expansion of the Peer to Peer financial literacy program
released on September 14, 2017
found in newsletter: September 2017
AUGUSTA – Attorney General Janet Mills joined the University of Maine System in announcing the expansion of UMF’s Peer-to-Peer Financial Literacy Program to the other universities in the system with the goal of working in partnership with Maine’s community colleges and local schools.
AG Mills was pleased to contribute $900,000 from the settlement her office achieved in the watershed litigation against Wall Street giant Standard & Poor’s for its part in causing the recession and housing crisis of 2008.
In accordance with the agreement AG Mills reached with the legislature a year ago, all four legislative leaders agreed to the distribution of the remaining settlement funds.
“Today we have a student debt crisis,” AG Mills stated, “and this financial burden is preventing Maine graduates from achieving their best potential, reducing debt, buying homes and supporting young families in our state.”
Nationally, student debt has surpassed credit card debt, reaching $1.4 trillion last year. Maine has the 14th highest average debt for graduates in the nation at $30,000.
The program started as a pilot project at UMF in 2013 by training students to help their fellow students understand their own finances and how to make responsible choices now and avoid problems with debt in the future. The small group of students reached more than 1,000 students with assistance and information. They also exchanged information and resources to staff at Maine’s secondary schools.
The announcement released today by the University of Maine System states that the expansion is planned over a five-year period with the goal of training students as Peer Financial Educators and, when fully implemented, they will do further outreach to middle and high school and community college students.
Original Press Release